Bulgarian off plan property - all types of Bulgarian property can be bought off plan for investment,
Buying Bulgarian off plan property means you can snap up some of the best property in Bulgaria before they are even built, and at a discounted rate. All types of Bulgarian property can be bought in this way, from Sunny Beach apartments and mountain chalets to luxurious rural villas.
Most Bulgarian property in the major investment hotspots is sold off-plan. Indeed, it is rare for new-build property in Bulgaria to be sold by any other method.
Advantages to buying Bulgarian off plan property
The major advantage of buying Bulgarian off plan property is its low cost compared with an existing property. The fact the building has not been completed means the developer must compensate buyers of off plan property in Bulgaria for the risks they are taking. The developer also benefits by securing finance for the project. In return, buyers of off plan Bulgarian property receive a discount of 15-30%.
When the property is within a complex of buildings, the discount gradually shrinks as more properties are sold, so it pays to be involved at an early stage when buying Bulgarian property off plan.
With the local housing market currently enjoying such healthy price increases, buyers of Bulgarian off plan property can expect significant growth on their investment during a typical construction period of 18 months.
Buying Bulgarian off plan property should ensure you end up with a sparkling new property that incorporates the latest technology and is well designed. You may also be allowed some imput into the internal decoration. Some Bulgarian off plan developers even offer a choice of furniture packages to their buyers.
What else should I know about buying off plan property in Bulgaria?
All new property in Bulgaria is now being built to high standards of construction.What is more, stiff competition between developers of Bulgarian off plan property has helped raise the stakes, as each new development aims to offer better on-site facilities such as playgrounds, fitness or spa centres, communal gardens and 24-hour security and maintenance.
Developers of new property in Bulgaria usually offer a range of payment packages to buyers. A large deposit may mean you don´t have to pay another cent until your Bulgarian property is built and fitted out. Alternatively, an initial deposit of 10-30% may be followed by a schedule of instalments linked to certain key stages of the construction process.
Such arrangements give security to the buyer of off plan property in Bulgaria because payment can be withheld if the scheduled work is incomplete or not to the standard specified in the contract.
A local bank may agree to a staged payment mortgage on a Bulgarian property, but will expect ownership to be transferred from the developer when building reaches roof level.
Is buying Bulgarian off plan property risky?
If you decide to buy a Bulgarian off plan property, you should pay your deposit via your lawyer, rather than the developer, so that the contract can be checked before any funds are handed over. This is especially important when buying property in Bulgaria because bank guarantees, such as those in Spain, do not exist here.
The Bulgarian property market is still evolving and you may encounter Bulgarian off plan developers who have no track record. It is sensible to buy only from established developers of property in Bulgaria and to view one or more of their previous projects to check the quality of their work and the standard of mainenance to the communal areas.
